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◆ Rising investor sensitivity due to tight unsecured FIG spreads ◆ Deal centred around real money orders after hitting €4.5bn peak book ◆ Hardly any concession left on shorter tranche, minimal on longer one
◆ Weaker backdrop for FIG issuance ◆ Deal printed with a negligible spread above previous, shorter bond ◆ Nearly triple digit spread lures investors
◆ Strong outcome despite French risk concerns ◆ Participation from a 'who's who' of sterling real money ◆ Sterling market stronger than euros
Data
Observers blame slower bookbuilding on deal-specific factors but others see warning shots for whole market
Covered market provides 'the deepest pocket of demand' among FIG asset classes
Capital deals and a tight Nordic senior print point to what lies ahead for issuers
The single currency stands out as the most attractive funding source while the US dollar market remains open in size
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An ECB meeting on Thursday that delivered what traders had predicted meant there was little volatility in the rates market that afternoon. With a glut of supply about to come from the EU, one trader predicted spread tightening may follow the bellwether trade. -
DNB Bank has become the latest European name to tap the Japanese market, ending a seven year absence with a semi-private club deal.
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Yankee borrowers found swift execution and deep liquidity as they peppered the dollar market this week, with ABN Amro and Svenska Handelsbanken each printing debut non-preferred senior trades in the currency.
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Bank of Communications Financial Leasing Co used a sustainability label for its new $500m three year bond.
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Bank of America has set up an EMEA ESG strategic council chaired and led by three senior investment bankers, to intensify its effort to reduce its carbon footprint and manage its climate risks. BofA made a net zero commitment in February but has not yet set out its decarbonisation trajectory.
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Join us as GlobalCapital announces the winners of its Bond Awards 2021 — including our Socially Responsible Investment Awards — in our online ceremony on Wednesday, June 16 at 3pm London time, 4pm CEST, 10am NY time.
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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